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The ledger of Blossom Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $5,512 4,590 40,800 $12,852 25,500 11,322 91,800 0 20,400 An analysis of the accounts shows the following. 1. The equipment depreciates $612 per month. 2. Two-thirds of the unearned rent revenue was earned during the quarter. 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $816. 5. The insurance policy is a two-year policy dated January 1.

The ledger of Blossom Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $5,512 4,590 40,800 $12,852 25,500 11,322 91,800 0 20,400 An analysis of the accounts shows the following. 1. The equipment depreciates $612 per month. 2. Two-thirds of the unearned rent revenue was earned during the quarter. 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $816. 5. The insurance policy is a two-year policy dated January 1.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The ledger of Blossom Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $5,512 4,590 40,800 $12,852 25,500 11,322 91,800 0 20,400 An analysis of the accounts shows the following. 1. The equipment depreciates $612 per month. 2. Two-thirds of the unearned rent revenue was earned during the quarter. 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $816. 5. The insurance policy is a two-year policy dated January 1.
Transcribed Image Text:The ledger of Blossom Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. Prepaid Insurance Supplies Equipment Accumulated Depreciation-Equipment Notes Payable Unearned Rent Revenue Rent Revenue Interest Expense Salaries and Wages Expense Debit Credit $5,512 4,590 40,800 $12,852 25,500 11,322 91,800 0 20,400 An analysis of the accounts shows the following. 1. The equipment depreciates $612 per month. 2. Two-thirds of the unearned rent revenue was earned during the quarter. 3. The note payable is dated January 1 and bears 12% interest. 4. Supplies on hand total $816. 5. The insurance policy is a two-year policy dated January 1.
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